Greece

Government survives confidence vote


Published

The newly reshuffled government of George Papandreou survived a confidence vote in the Hellenic parliament yesterday.

All the Deputies of the ruling Panhellenic Socialist Movement (PASOK) voted in support of the government giving them 155 votes, with the no vote at 143 and two abstentions.

The vote had an immediate effect upon the markets with the Euro making gains and many stock markets seeing improvements. Meanwhile, outside the parliament building the protesters in Syntagma Square kept up their protests about the effects of the austerity package being forced upon the government.

The next big test will be to see if the government can pass the various requirements of the EU/IMF bailout which will force them to make spending cuts, tax increases and a major selloff of government owned assets.

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